Losing a business is overall, like the "death" of a loved one. Thus abundant of a business owner's temperament and onerous work have gone into a business, that when tragedy strikes, for no matter reason and also the business is forced into chapter 11 or to shut, the emotions felt by the business owner are nothing wanting serious and all encompassing!
Since losing a business is taken into account a "major life stressor", along with divorce and the death of a loved one, a business owner that loses a business will be simply as emotionally devastated. With this in mind, it is acceptable for the business owner to require into consideration the 5 stages of grief that do occur in an exceedingly major life event or "stressor". These stages are in step with the work of renowned Swiss born psychiatrist, Dr. Elisabeth Kubler-Ross:
1. Denial. This stage is a healthy stage when the individual asks the query, "Why Me"?, and develops strategies to develop defenses against the upcoming stress.
2. Anger or Resentment. Blame happens in this stage.
3. Bargaining. This is often a "truce period" where an individual makes "deals" in their minds, if "only" things don't play out the manner they are bound to try to to so.
4. Depression. This is the $64000 grief phase, and a private will primarily feel discouraged and hopeless.
5. Acceptance. This can be where reality is restricted and the method of "going on" begins. Withdrawal from others may occur briefly here.
Though Dr. Kubler-Ross developed the five stages primarily for use when managing terminal illnesses that result in death, her work can readily be applied to several major life stresses, as well as the loss of a business. Additionally, not all people go through each stage routinely in order, with some skipping stages, or staying in one stage longer than others.
Business owners that suffer the catastrophic loss of a business would like to allow themselves the identical flexibility and time for acceptance that other major life stressors require. They need to work through the 5 stages till the fifth stage, acceptance, is reached. They conjointly want to place the loss into perspective if they will, and determine simply "why" and "how" the business faltered and eventually failed.
With defeat, sometimes knowledge is attained, and if a business owner will work through the stages of grief successfully, and use the data attained for enlightenment, then perhaps they will successfully start another business in the longer term, and achieve higher results.
Business homeowners should build an inventory when they're on their feet again of specifically "what" went wrong, and strategies of prevention in the future, as they will then use this to their advantages. The list can embrace such information like:
1. Why the business failed overall: Was it the incorrect kind of business for the incorrect kind of clientele? Was it targeted incorrectly? Was it too uncommon to succeed? Was the promoting of the business incorrect? Were the expenditures too nice? Was the business arrange and outlook faulty or realistic?
2. What mistakes led up to the failure: Did the business grow too quickly or too slowly? Were there actual methods in place for prevention, or was the business "reactive" instead of "proactive"?
3. What can the business owner correct/rectify in the longer term? This is often the most vital query, and a listing of all methods which will be used as a live against future failures should be made.
Business house owners want to offer themselves time to heal and kind through their feelings, though. Any loss is so emotionally draining, that jumping right back into the "business hearth" with another business is not essentially a sensible plan until the business owner has recovered their energy and worked through their feelings of grief completely.
Defeat can be a learning expertise, and many successful business folks have additionally experienced their truthful share of defeats and loss of businesses. Turning the "negative" of the loss of the business into a "positive" learning expertise will soon realize the business owner recovered and moving onto the next positive step in their entrepreneurial lives!
Author Resource:
Jeff Patterson has been writing articles online for nearly 2 years now. Not only does this author specialize in Business, you can also check out his latest website about
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